Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core View of the Report - The market sentiment has been fluctuating recently. Fundamentally, the supply - demand pressure of coking coal has slightly eased, and the price volatility has intensified. It is recommended to take a wait - and - see approach. [4] Group 3: Summary of Relevant Content Macro - economic and Policy Impact - The US President Trump signed an executive order to extend the so - called "reciprocal tariff" suspension period from July 9 to August 1. He also threatened 14 countries with new tariff rates, which affected the market to run weakly. The end of the safety production month and the completion of the one - month inspection by the supervision team led to the resumption of production in some regional coal mines, cooling the bullish market sentiment. The meeting last Tuesday proposed anti - involution and capacity reduction, which, although mainly targeting the electric vehicle and photovoltaic industries, also disturbed the coal market sentiment due to the over - supply in the coal market, intensifying the price volatility of coking coal. [3] Fundamental Supply and Demand - Supply: Last week, coal mines in major production areas in Shanxi such as Changzhi and Linfen resumed production intensively, with a slight increase in output. However, there were still shortages in some phases and coal types. The daily average raw coal output of 523 coking coal mines was 1.88 million tons, a week - on - week increase of 30,000 tons. The daily average clean coal output was 739,000 tons, a week - on - week increase of 100 tons and a year - on - year decrease of 27,000 tons. [4] - Demand: Recently, coking plants and steel mills have accelerated the replenishment of raw materials. The available days of coking coal inventory in the plants have increased from a low level. Coupled with the previous production cuts in coal mines, the inventory pressure of coking coal at the mine end has been relieved. The coking clean coal inventory at the mine end was 4.092 million tons, with a cumulative decrease of 896,000 tons in the past two weeks and a year - on - year increase of 1.26 million tons. [4] - Import: Recently, the customs clearance of Mongolian coal has remained at a relatively low level, and the port inventory has steadily decreased. From July 11th to 15th, the port will be temporarily closed due to the Mongolian Naadam Festival. [4]
华宝期货晨报煤焦-20250708
Hua Bao Qi Huo·2025-07-08 05:47